The Daily Mail reports that the head of compliance at Barclays was slammed by a powerful banking watchdog for refusing to take any responsibility for the string of scandals that occurred under his watch.
Mike Walters stunned the Banking Commission’s joint committee Wednesday by claiming that he was not responsible for compliance at the firm.
According to the newspaper, Walters told astonished panel members: ‘It’s not the compliance function’s responsibility to make Barclays compliant,’ arguing that it was impossible to monitor the entire firm ‘single handedly’. He added, however: 'I was in charge of compliance. I wasn't in charge of culture. That is the responsibility of everyone at Barclays'.
'We’ve never had a hearing where the answers were as anorexic as they were today', Lothar Binding, lawmaker for the opposition social democrats, said after the hearing. 'Banks don’t answer more openly because they’re afraid of damage to their reputation'.
Bloomberg reports that Klaus-Peter Flosbach, legislator for German Chancellor Angela Merkel’s ruling party, said the committee had 'never seen so many questions answered in such a short time', referring to bankers’ refusal to answer certain questions, citing legal reasons.
Barclays is reviewing all parts of its investment banking and other operations and has said it will quit areas that could harm its reputation.
Finally, the news agency reports that Fidelity Investments is pushing BNY Mellon Corp and other custody banks for stricter pricing on certain foreign currency trades, the latest sign of how big investment managers are using the same tactics as public pension funds to cut expenses.
image: © Alan Bruce